McNamara Limited's ledger shows the following balances on December 31, 2020: 

Preferred shares outstanding: 25,000 shares.............$ 625,000 

Common shares outstanding: 40,000 shares..............3,000,000 

Retained earnings............................................,..................890,000

Instructions 

Assuming that the directors decide to declare total dividends in the amount of $445,000, determine how much each class of shares should receive under each of the conditions that follow. Note that one year's dividends are in arrears on the preferred shares, which pay a dividend of $1.50 per share. 

a. The preferred shares are cumulative and fully participating. Round the intermediate percentage calculation to four decimal places and the final amount to the nearest dollar.

b. The preferred shares are non-cumulative and non-participating. Round to the nearest dollar. 

c. The preferred shares are non-cumulative and are participating in distributions in excess of a 10% dividend rate on the common shares. Round the intermediate percentage calculation to four decimal places and the final amount to the nearest dollar.